Professor Christopher Ameyaw-Akumfi, the former Board Chair of the Ghana Infrastructure Investment Fund (GIIF), has been charged with conspiracy to commit a crime, especially deliberately inflicting financial loss to the Republic.
The allegations, filed under Sections 23(1) and 179A(3)(a) of the Criminal Offences Act of 1960 (Act 29), come from a $2 million payment made in 2019 to Africa Investor Holdings Limited for the building of an urban Sky Train system in Accra, which was never completed.
Court filings show that the monies were disbursed in February 2019 without the necessary board approval for either the share acquisition or the payment itself.
The money belonged to the GIIF and is considered a public asset, hence, its unauthorised release has resulted in criminal charges.
According to investigators, the decision to disburse the $2 million violated proper procedures. Professor Ameyaw-Akumfi, the second accused in the case, is claimed to have informed investigators in his caution statement that he allowed the transfer based on a recommendation from the first accused, Solomon Asamoah, the GIIF’s then-CEO.
However, none of the two accused has been able to provide an explanation for the missing cash.
Professor Ameyaw-Akumfi was recently detained in relation to the failed Sky Train contract.
The Sky Train project was envisioned as an elevated light rail transport system to alleviate traffic congestion in Accra and other major cities.
It was to be implemented through a partnership between Ghana’s government and South Africa’s Africa Investment (PTY) Limited, which was expected to provide money, technology, and infrastructural support.
However, the project never materialised, despite the considerable upfront payment provided by the Ghanaian government.
